Stablecoin payments infrastructure firm BVNK raises $50m series B round

BVNK, the stablecoin infrastructure platform founded in 2021, announced that it raised $50 million in the Series B financing round.

In a blog post published on December 17, it was stated that the platform plans to use this funding to support the next phase of business growth. The fund is vital to its mission to expand stablecoin payments.

The $50 million Series B follows BVNK’s $40 million Series A financing round in May 2022 and led by venture capital firm Tiger Global. In particular, BVNK announced that it plans to raise $50 million in the new financing round in November 2024.

The $750 million funding for the company comes as the London-based stablecoin infrastructure firm aims to strengthen its presence in the United States. The project sought regulatory approvals in multiple states, securing licenses in Alabama, Florida, Michigan and Delaware. among others.

With venture capital backing, BVNK aims to streamline global payments for US businesses. BVNK co-founder and CEO Jesse Hemson Struthers said:

“Now is the time for BVNK to double down on our mission. “The completion of this funding round is a vote of confidence in our strategy and enables us to bring stablecoin payments to the US, one of the largest global markets.”

Jesse Hemson Struthers, co-founder and CEO of BVNK

Haun Ventures led the Series B investment round with participation from Coinbase Ventures, DRW Venture Capital and Scribble Ventures. Existing investors Avenir and Tiger Global also supported the increase.

BVNK and Circle announced a partnership in October that aims to use their collaboration to bring the benefit of the stablecoin USDC to more payment types, including payroll and large-scale payments. The platform also announced a self-custodial solution called Layer1 earlier this year, aiming to help businesses easily adopt stablecoins.